GE Money Bank's excellent 2004 result partly thanks to cashing in its reserves

The main reason behind the good results was the fact that the bank earmarked less money for reserves. In 2003 reserves were zł.293 million, while in 2004 the amount was only zł.204 million. The profit is to be added to the bank's capital that amounted to over zł.680 million in December 2004. The company's assets were worth zł.8.3 billion in 2004, 13% higher than in 2003. GE Money Bank's 2005 projections envisage profits of about zł.300 million. "The previous year was so good that we will be satisfied with any result in that scope," said Mariusz Karpiński, GE Money Bank president. The bank is owned by the financial branch of General Electric. (Parkiet, p. 9) D.W.